PH central bank extends minimum capital rules compliance for rural banks

The Bangko Sentral ng Pilipinas (BSP) has given time for rural banks to comply with the current minimum capital requirements in the next three years as the Rural Bank Strengthening Program (RBSP) is being implemented. Monetary Board member V. Bruce J. Tolentino said it will take time for rural banks to comply with the current requirement set by the BSP. In September, the BSP raised the minimum capital requirement for rural banks to at least P50 million (about USD1m) as it seeks to further strengthen the local banking industry. Tolentino said that as of now, banks are being asked to declare whether or not they comply with the capital requirement and whether the compliance process is ongoing.